- Trading Screen Product Name
- EUA Daily Futures
- Trading Screen Hub Name
- EUA Daily
- Contract Symbol
ECP
- Contract Series
The Contract is a daily contract. Only one daily contract is listed
at any one time.
- Expiration Date
Contracts will expire on a daily basis
- Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby
guaranteeing the financial performance of ICE Endex contracts
registered in the name of its Members up to and including delivery,
exercise and/or settlement.
- Trading Model
Continuous trading throughout trading hours
- Trading Methods
Electronic futures, Exchange for Swap (EFS) and Block Trades are
available for this contract.
- Unit of Trading
an Allowance
- Contract
An EUA Daily Futures contract for the purposes of trading and
delivering Allowances within the meaning of Chapter II and Chapter
III of Directive 2003/87/EC in accordance with the Rules.
- Contract Size
One lot of 1000 EUAs. Each EUA being an Allowance which is an
entitlement to emit one tonne of carbon dioxide equivalent gas.
- Minimum Trading Size
1 lot.
- Minimum Block Order
50 lots
- Quotation
The Contract price is in Euros and Euro cents per metric tonne
- Minimum Price Fluctuation
€0.01 per tonne (i.e. €10.00 per lot).
- Maximum Price Fluctuation
There are no limits.
- Tick Value
€0.01 per tonne (i.e. €10.00 per lot).
- Settlement Price
Fixing each Business Day as set out in the applicable Operating
Time Schedule, Appendix B.1, at approximately 17:15 hours. Timings
are CET.
- Initial Margin
Calculated on all open contracts, Initial Margin, as defined in the
Clearing House Rules, is a deposit held by the Clearing House in
order to cover the costs that may be incurred in closing out a
position in default. It is returned upon the closing of the
position, or at expiry, with interest.
- Daily Margin
All open contracts are 'marked-to-market' daily, with Variation
Margin, as defined in the Clearing House Rules, being called for as
appropriate.
- Exchange Delivery Settlement Price
The EDSP shall be the Settlement Price established by ICE Endex at
the end of the closing period on the EUA Futures Contract Date.
ICE Endex may, in its absolute discretion, determine in respect of
the Contract, at any time prior to the EUA Delivery Period, a price
other than that specified above.
- EUA Delivery Delay
In relation to EUA Daily Futures Contracts, is deemed to have taken
place where:
(i) in the case of a Seller other than the Clearing House, the
Seller initiates EUA Delivery after 15.00 hours (LLT) on the first
Business Day following the relevant Contract Date but on or before
15.00 hours (LLT) on the second Business Day following the relevant
Contract Date or such later time as the Clearing House may direct;
or
(ii) in case the Clearing House acts as a Seller, the Buyer's
Trading Account is credited after 15.00 hours (LLT) on the second
Business Day following the relevant Contract Date but on or before
15.00 hours (LLT) on the third Business Day following the relevant
Contract Date;
provided in each case, that an EUA Delivery Delay will cease to
exist in relation to a Contract where an EUA Delivery Failure
becomes applicable in relation to that Contract.
- EUA Delivery Failure
In relation to EUA Daily Futures Contracts, is deemed to have taken
place where:
(i) in the case of a Seller other than the Clearing House, the
Seller has failed to make a valid request for EUA Delivery for an
EUA Delivery Period by 15.00 hours (LLT) on the second Business Day
after the last day of trading; or
(ii) in the case of a Buyer being the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the second Business Day after the last day of trading; or
(iii) in the case of a Buyer other than the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the third Business Day after the last day of trading; or
(iv) in the case of a Seller being the Clearing House, the
Buyer’s Trading Account has not been credited by 15.00 hours
(LLT) on the third Business Day after the last day of trading.
- EUA Delivery Period
Unless a Delivery Delay occurs, the EUA Delivery Period for the
selling Clearing Member is the period beginning at 09:00 (LLT) on
the Business Day following the Contract Date and ending at 15:00
hours (LLT) on the Business Day following the Contract Date. The
Clearing House will deliver to buying Clearing Member by 15:00
(LLT) on the second Business Day following the Contract Date.
Where a Delivery Delay occurs, the EUA Delivery Period shall end at
such later time as the Clearing House may direct, which in any
event shall not be a time beyond 15.00 hours (LLT) on the third
Business Day after the relevant Contract Date.
- Markers
TAS (Trade at Settlement)
- MIC Code
- NDEX
- Clearing Venues
- ICEU